RBC Launches First Russian Ruble Bond

by Carla Johnson, Investors Offshore

22 January 2007

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada Financial Group, has announced the completion of two of the first ever bonds denominated in Russian rubles (RUB).

"When RUB became an eligible settlement currency on January 15, we wanted to be there to meet investor interest in Russian rubles," announced Avril Pomper, RBC Capital Markets' head of fixed income distribution, Europe.

"We're very active in local currencies, and we're seeing that investors are willing to diversify away from traditional currencies like the euro and yen into emerging markets like Turkey and Iceland," Pomper added.

The first issue was RUB2 billion (US$75.4 million) with a five year term issued by the European Bank of Reconstruction and Development. The second issue was RUB2 billion a four year term issued by Nordic Investment Bank.

As the 15th largest debt underwriter globally, RBC Capital Markets is a leader in Sterling and non-core dollar markets, with a growing presence in Euros and US dollars, and the leader in US Negotiated Municipal bonds. Trading hubs in London, New York, Sydney, Tokyo Chicago, and Toronto provide 24-hour pricing.

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